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Key Info

Korea Investment Holdings Co Ltd Web - www.koreaholdings.com

Tel - 82-2-3276-6400

Next Reporting Date - 15.05.2019

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    Korea Investment Holdings Co Ltd

    Diversified Financials

    SOUTH KOREA


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.65

    Current Market Cap mln$

    3,301.85

    Net Debt mln$

    33,623.16

    WACC Estimate

    4.71%

    Ordinary Current Price $

    59.24

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1218.751255.721771.242255.242710.783099.883488.873864.484248.134718.855241.745822.566467.747184.427980.50
    EBITDA Costs615.46665.99858.481134.221336.641522.341707.991887.262070.362293.922541.612816.053120.123457.023830.30
    EBITDA603.29589.73912.761121.021374.151577.541780.881977.222177.772424.942700.133006.523347.633727.404150.20
    EBITDA Margin49.5046.9651.5349.7150.6950.8951.0451.1651.2651.3951.5151.6451.7651.8852.00
    Operating Costs879.88945.941202.471690.221983.552271.702559.782837.953122.063471.313859.634291.384771.445305.195898.65
    Operating Profit338.87309.78568.77565.02727.23828.17929.091026.541126.071247.541382.111531.181696.311879.232081.85
    Operating Margin27.8024.6732.1125.0526.8326.7226.6326.5626.5126.4426.3726.3026.2326.1626.09
    Pretax Costs849.88939.831201.981606.771895.962163.472430.912689.152952.923275.703633.784030.994471.634960.435502.66
    PTP368.87315.89569.26648.46814.83936.411057.961175.331295.211443.151607.961791.571996.122223.992477.84
    Pretax Margin30.2725.1632.1428.7530.0630.2130.3230.4130.4930.5830.6830.7730.8630.9631.05
    Net Income Costs903.271014.261319.781773.782109.492416.572723.563020.003322.773695.084109.094569.505081.495650.856284.00
    Net Income315.48241.47451.46481.46601.29683.31765.31844.49925.361023.781132.651253.061386.251533.571696.50
    Net Margin25.8919.2325.4921.3522.1822.0421.9421.8521.7821.7021.6121.5221.4321.3521.26
    Revenue Less Capex1234.451272.971807.052279.932746.253139.683533.023912.814300.744776.575305.055891.996543.887267.908072.02
    Capex-15.70-17.25-35.81-24.69-35.47-39.80-44.14-48.33-52.60-57.71-63.31-69.43-76.14-83.48-91.51
    Capex to Revenues-1.29-1.37-2.02-1.09-1.31-1.28-1.27-1.25-1.24-1.22-1.21-1.19-1.18-1.16-1.15
    Revenue less FCF2332.72950.413993.034820.086522.337776.229029.8010240.2211476.5613067.9414879.9716943.2719292.6721967.8425013.97
    FCF-1113.97305.31-2221.79-2564.85-3811.55-4676.34-5540.92-6375.74-7228.43-8349.08-9638.23-11120.71-12824.93-14783.43-17033.46
    FCF to Revenue-91.4024.31-125.44-113.73-140.61-150.86-158.82-164.98-170.16-176.93-183.87-190.99-198.29-205.77-213.44

    SOUTH KOREA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    006800 KSMirae Asset Daewoo Co LtdSOUTH KOREA 4388.219.648.8256.6554.162.783.1637.220.606.5517.89
    029780 KSSamsung Card Co LtdSOUTH KOREA 3666.8912.7512.06--1.184.29#????!0.573.789.04
    005940 KSNH Investment & Securities Co LtdSOUTH KOREA 3356.6010.169.1266.6746.241.494.2216.360.777.7615.90
    071050 KSKorea Investment Holdings Co LtdSOUTH KOREA 3301.856.756.2467.8457.992.322.8136.830.8412.8713.67
    016360 KSSamsung Securities Co LtdSOUTH KOREA 2764.799.668.9929.9327.532.953.6449.000.646.8034.72
    003450 KSKB Securities Co LtdSOUTH KOREA ------20.73-7.30#N/A N/A
    037620 KSMirae Asset Securities Co LtdSOUTH KOREA ------#????!-8.10#N/A N/A
    MKIF LIMacquarie Korea Infrastructure FundSOUTH KOREA ------#????!--#N/A N/A

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AXP USAmerican Express CoUNITED STATES 96769.1314.3512.86--2.221.39#????!4.1830.0915.33
    MS USMorgan StanleyUNITED STATES 79730.949.568.75--1.982.75#????!1.0511.369.03
    GS USGoldman Sachs Group Inc/TheUNITED STATES 76806.828.627.87--2.181.69#????!0.9110.63-4.39
    BLK USBlackRock IncUNITED STATES 73761.3017.0915.6312.7011.695.212.8141.002.2213.1324.52
    CME USCME Group IncUNITED STATES 63698.9225.8423.5220.1818.4812.792.7166.372.419.021.41
    SCHW USCharles Schwab Corp/TheUNITED STATES 60453.5616.3115.097.947.545.491.5050.453.1019.755.58
    BK USBank of New York Mellon Corp/TheUNITED STATES 46487.4511.9110.92--2.902.48#????!1.1910.297.99
    ICE USIntercontinental Exchange IncUNITED STATES 45721.7321.3419.2415.7414.668.591.3362.742.5912.2710.35
    388 HKHong Kong Exchanges & Clearing LtdHONG KONG 43751.3632.4328.7618.0816.0419.742.7876.398.0125.1632.01
    COF USCapital One Financial CorpUNITED STATES 41325.777.997.35--1.431.87#????!0.7310.003.66
    6030 HKCITIC Securities Co LtdCHINA 39497.6113.6412.33--6.152.91#????!1.118.0628.89
    MCO USMoody's CorpUNITED STATES 36636.4124.4021.9418.2616.847.820.9847.7865.95222.4037.24
    INVEB SSInvestor ABSWEDEN 36172.5020.4131.547.1828.9411.703.10191.280.8527.0615.22
    MQG AUMacquarie Group LtdAUSTRALIA 32560.8015.7315.06--3.814.38#????!2.6717.4823.89
    TRI USThomson Reuters CorpCANADA 30429.0654.9932.8221.9716.485.132.3523.833.437.7434.01
    TRI CNThomson Reuters CorpCANADA 30402.9154.9432.7921.9516.475.132.3523.833.437.7433.90
    AMTD USTD Ameritrade Holding CorpUNITED STATES 29252.3613.1112.2210.229.734.962.3254.013.3126.545.06
    FSR SJFirstRand LtdSOUTH AFRICA 25932.1813.4012.18--3.634.38#????!2.8122.0811.03
    TROW UST Rowe Price Group IncUNITED STATES 25458.9414.3813.8610.289.864.612.7943.553.8526.9716.42
    DFS USDiscover Financial ServicesUNITED STATES 25293.208.968.20--2.222.13#????!2.0824.7216.32
    STT USState Street CorpUNITED STATES 25274.1910.389.17--2.112.99#????!1.1311.342.53
    DB1 GRDeutsche Boerse AGGERMANY 24894.4919.9618.1813.1012.077.662.5361.334.0721.175.29
    LSE LNLondon Stock Exchange Group PLCBRITAIN 22826.9826.6023.0515.9914.397.961.3552.554.6817.1920.08
    6837 HKHaitong Securities Co LtdCHINA 21595.0011.8210.78--4.992.69#????!0.806.8231.86
    NTRS USNorthern Trust CorpUNITED STATES 21318.8614.4613.19--3.492.52#????!2.1215.2111.70
    AMP USAmeriprise Financial IncUNITED STATES 19641.529.118.116.886.721.582.6325.013.2236.9620.60
    MSCI USMSCI IncUNITED STATES 18904.1036.7531.8324.4621.8412.251.0454.511220.11105.7057.52
    8591 JPORIX CorpJAPAN 18616.126.195.9010.279.950.804.8020.720.6911.65-5.69
    BEN USFranklin Resources IncUNITED STATES 18057.0514.4213.327.717.823.162.9130.411.7812.1022.96
    DBK GRDeutsche Bank AGGERMANY 16696.4113.459.07--0.602.74#????!0.241.84-16.64